Fed Governor Michael Barr said on September 23 2026, in prepared remarks at a Chicago Fed housing-affordability conference, that in his base case further policy adjustments are likely to be needed to ensure inflation comes down to target in a timely fashion, and that risks to achieving the inflation target have increased while risks to the labour market have receded. Reuters read the remarks as implying at least two more increases - explicit forward guidance of the kind the chair has avoided. Barr noted the average 30-year mortgage rate had reached 7.12%, a two-year high.